Allstate Corp Invests $895,000 in Iron Mountain Incorporated (NYSE:IRM)

Allstate Corp bought a new stake in Iron Mountain Incorporated (NYSE:IRM) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 8,513 shares of the financial services provider’s stock, valued at approximately $895,000.

Other large investors have also recently added to or reduced their stakes in the company. DnB Asset Management AS lifted its holdings in shares of Iron Mountain by 5.9% during the 4th quarter. DnB Asset Management AS now owns 52,585 shares of the financial services provider’s stock worth $5,527,000 after acquiring an additional 2,919 shares during the period. Level Four Advisory Services LLC raised its stake in Iron Mountain by 1.4% during the fourth quarter. Level Four Advisory Services LLC now owns 10,339 shares of the financial services provider’s stock worth $1,087,000 after purchasing an additional 142 shares during the period. Orion Portfolio Solutions LLC boosted its holdings in shares of Iron Mountain by 12.0% in the 4th quarter. Orion Portfolio Solutions LLC now owns 8,920 shares of the financial services provider’s stock valued at $938,000 after purchasing an additional 957 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its stake in shares of Iron Mountain by 4.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 474,591 shares of the financial services provider’s stock valued at $49,884,000 after buying an additional 18,296 shares during the period. Finally, Duff & Phelps Investment Management Co. increased its holdings in shares of Iron Mountain by 0.5% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 1,246,311 shares of the financial services provider’s stock worth $131,000,000 after buying an additional 5,705 shares during the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IRM has been the topic of a number of research analyst reports. StockNews.com cut Iron Mountain from a “hold” rating to a “sell” rating in a report on Monday. JPMorgan Chase & Co. decreased their target price on Iron Mountain from $125.00 to $112.00 and set an “overweight” rating for the company in a report on Tuesday, February 18th. Barclays cut their price target on shares of Iron Mountain from $130.00 to $118.00 and set an “overweight” rating on the stock in a report on Thursday, March 20th. Finally, Wells Fargo & Company decreased their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. One analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Iron Mountain has an average rating of “Moderate Buy” and an average price target of $125.67.

Insider Buying and Selling at Iron Mountain

In other news, EVP Mithu Bhargava sold 1,738 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.84, for a total transaction of $161,355.92. Following the completion of the sale, the executive vice president now owns 13,054 shares of the company’s stock, valued at approximately $1,211,933.36. This trade represents a 11.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $99.83, for a total transaction of $6,900,748.75. The disclosure for this sale can be found here. Insiders sold a total of 318,979 shares of company stock worth $30,666,904 in the last 90 days. 2.10% of the stock is owned by corporate insiders.

Iron Mountain Stock Up 1.2 %

NYSE IRM opened at $86.14 on Tuesday. Iron Mountain Incorporated has a fifty-two week low of $73.53 and a fifty-two week high of $130.24. The business has a 50 day moving average price of $94.51 and a two-hundred day moving average price of $108.10. The stock has a market cap of $25.30 billion, a PE ratio of 141.21, a P/E/G ratio of 5.15 and a beta of 1.04.

Iron Mountain (NYSE:IRM) last announced its earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.70). Iron Mountain had a net margin of 2.95% and a negative return on equity of 401.83%. The firm had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter last year, the company posted $0.52 earnings per share. Sell-side analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Monday, March 17th will be issued a $0.785 dividend. The ex-dividend date is Monday, March 17th. This represents a $3.14 dividend on an annualized basis and a yield of 3.65%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.72. Iron Mountain’s dividend payout ratio is currently 514.75%.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers’ work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.